Forecasts this year are for real GDP growth of 7%, single-digit inflation and continued increases in real wages.
The entirety of the George W. Bush administration averaged a mere 2.1% annual real GDP growth.
The December increase is expected by some to cause an upward revision in fourth-quarter real GDP.
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Corrected for inventory declines, real GDP growth would have been a very strong 6.7%.
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Sure, Real GDP will fall just as much, real living standards will fall just as much.
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All right, well, first let me talk about our forecast for real GDP growth.
This was the first quarterly drop in real GDP in three-and-a-half years (see first chart below).
WHITEHOUSE: Advance Estimate of GDP for the Fourth Quarter of 2012
From 1970 to 2010, real GDP doubled while real earnings fell by 28 percent.
Fourth quarter real GDP rose only 2.8%, up from only 2.6% growth in the 3rd quarter.
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But this will have only limited effect in ameliorating the impact on real gdp growth.
Real Final Sales (Real GDP minus the inventory change) increased a whopping 7.1 percent.
We think real GDP growth looks like 3% in the fourth quarter (data due Jan. 31).
In this scenario, due to real GDP growth, spending would fall as a fraction of GDP.
Also, both real GDP and real GDP per capita would be more than 50% higher today.
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Fourth quarter real GDP increased at a robust annualized rate of 3.2% from the third quarter.
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Although real GDP in the economy is now expanding, the employment market remains too weak.
But better than 2011 when falling government spending detracted -0.67% and full-year real GDP grew 1.8%.
The agency projected that real GDP would be 1.7 percent lower under the alternative fiscal scenario.
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Vietnam's real GDP grew by 5.9 percent in 2011, according to the International Monetary Fund.
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Qatar has prospered in the last several years with continued high real GDP growth in 2011.
We believe the healthy 3.3% real GDP growth in Q2 is not the last of its kind.
More than two-thirds of the real GDP growth in the first quarter can be attributed to inventories.
Okay, so the negative 0.1 percent real GDP number surprised me, even though I was expecting weakness.
Postwar, the median time for real GDP to return to its prerecession high has been five quarters.
In 1966, real GDP (RGDP) grew by 6.52% and total produced assets increased by 22.2% of GDP.
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Excluding housing, real GDP grew at a 4% rate in Q2 and is up 3.2% versus last year.
The decline in government spending across all levels reduced real GDP by 1.33 percentage points in the quarter.
WHITEHOUSE: Advance Estimate of GDP for the Fourth Quarter of 2012
Real GDP declined by 9.9% between 2007 and 2009, and this year unemployment is predicted to average 13.7%.
Much was made of the sharp deceleration of real GDP growth in the second quarter, to 1.7 percent.
At the end of 2008, real GDP was declining by more than 5 percent on an annualized basis.
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